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INCOME TAXES (Tables)

12 Months Ended

Oct. 31, 2014

INCOME TAXES

Provision for Income Taxes by Taxing Jurisdiction and by Significant Component

The provision for income taxes by taxing jurisdiction and by significant component consisted of the following in millions of dollars:

		2014			2013			2012
Current:
U.S.:
Federal		$	1,217		$	1,405		$	1,277
State		126			145			119
Foreign		564			569			355
Total current		1,907			2,119			1,751
Deferred:
U.S.:
Federal		(189)			(117)			(76)
State		(11)			(11)			(7)
Foreign		(80)			(45)			(9)
Total deferred		(280)			(173)			(92)
Provision for income taxes		$	1,627		$	1,946		$	1,659

Comparison of Statutory and Effective Income Tax Provision

A comparison of the statutory and effective income tax provision and reasons for related differences in millions of dollars follow:

		2014			2013			2012
U.S. federal income tax provision at a statutory rate of 35 percent		$	1,679		$	1,919		$	1,657
Increase (decrease) resulting from:
State and local income taxes, net of federal income tax benefit		75			87			73
German branch deferred tax write-off					56
Nontaxable foreign partnership (earnings) losses		(305)			43			(172)
Nondeductible impairment charges		32			29			6
Research and business tax credits		(99)			(56)			(10)
Tax rates on foreign earnings		(71)			(34)			(69)
Valuation allowance on foreign deferred taxes		363			(14)			200
Other-net		(47)			(84)			(26)
Provision for income taxes		$	1,627		$	1,946		$	1,659

Analysis of the Deferred Income Tax Assets and Liabilities

An analysis of the deferred income tax assets and liabilities at October 31 in millions of dollars follows:

		2014						2013
		Deferred Tax Assets			Deferred Tax Liabilities			Deferred Tax Assets			Deferred Tax Liabilities
Other postretirement benefit liabilities		$	1,968					$	1,777
Tax over book depreciation					$	542					$	582
Accrual for sales allowances		654						602
Lease transactions					404						424
Tax loss and tax credit carryforwards		514						371
Accrual for employee benefits		229						234
Pension liability - net		160
Pension asset - net											137
Share-based compensation		145						142
Inventory		22						161
Goodwill and other intangible assets					89						100
Allowance for credit losses		73						69
Deferred gains on distributed foreign earnings		32						26
Deferred compensation		47						44
Undistributed foreign earnings					26						26
Other items		586			116			419			157
Less valuation allowances		(637)						(254)
Deferred income tax assets and liabilities		$	3,793		$	1,177		$	3,591		$	1,426

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the total amounts of unrecognized tax benefits at October 31 in millions of dollars follows:

		2014			2013			2012
Beginning of year balance		$	272		$	265		$	199
Increases to tax positions taken during the current year		28			30			46
Increases to tax positions taken during prior years		20			24			54
Decreases to tax positions taken during prior years		(84)			(51)			(14)
Decreases due to lapse of statute of limitations		(4)			(5)			(9)
Foreign exchange		(19)			9			(11)
End of year balance		$	213		$	272		$	265

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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